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If there's a severe recession, the automatic stabilizers will come into effect, and we will still try to reduce the structural deficit, but we will not try to keep cutting the budget so that we keep worsening a severe recession.

If productivity grows, the economy does well.

There is always some chance of recession in any year. But the evidence suggests that expansions don't die of old age.

With every year that passes, the more we have to be careful not to forget the causes and consequences of the Great Recession.

There will always be a business cycle, and white-collar workers will get hit in the next recession like they always do in recessions.

Every time there is a recession, consumers will typically be more cautious, more conservative, take more time, and make more serious price-performance trade-offs.

Folks in the bottom half of the economy are already squeezed hard. They will be bloodied and bankrupt if economic policy inadvertently induces a recession.

A recession is predominantly for the middle class. Where I come from, the majority of people have always lived in a recession.

Listen, I wish economic growth only went in one direction. It doesn't. There are economic downturns. They're painful, they're harmful, and they hurt families.

The other thing is quality of life; if you have a place where you can go and have a picnic with your family, it doesn't matter if it's a recession or not, you can include that in your quality of life.